SAFE News
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- Index number:
- 000014453-2019-0050
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- Dispatch date:
- 2010-03-15
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- Publish organization:
- State Administration of Foreign Exchange
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- Exchange Reference number：
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- Name：
- Emancipating our Minds, Transforming the Methodology of Administration, and Enhancing the Administration of Foreign Exchange under the Capital Account in an All-round Manner
Emancipating our Minds, Transforming the Methodology of Administration, and Enhancing the Administration of Foreign Exchange under the Capital Account in an All-round Manner
Recently, a meeting was held by the State Administration of Foreign Exchange (SAFE) to plan for the administration of foreign exchange under the capital account in 2010. Li Chao, deputy administrator of the SAFE, attended the meeting and delivered a speech.
Li Chao pointed out that in 2009, in the face of the complex economic and financial situations both at home and abroad, the SAFE conscientiously put into practice the scientific outlook on development for the administration of foreign exchange under the capital account. In compliance with the overall planning for sustaining growth, preventing risks, and promoting an equilibrium in the balance of paymentsfor foreign exchange administration, constant efforts were made to enhance the level of foreign exchange services and administration, to build a two-way mechanism for cross-border capital flows, to improve the statistical monitoring of cross-border capital flows, and to enhance policy research for future implementation. These played an important role in coping with the international financial crisis and promoting the equilibrium in the balance of payments.
According to Li Chao, in 2010 the foreign exchange administration departments should focus their efforts on the five transformationsfor the administration of foreign exchange under the capital account. Equal emphasis should be placed on the reform of administration and the monitoring of capital flows. With respect to the reform, major efforts should be devoted to promoting the facilitation of trade and investment. The foreign exchange administration departments at all levels will be required to further emancipate their minds, to transform the methodology of administration, and to continue to promote the convertibility of the capital account in a progressive manner. With regard to the monitoring of capital flows, the foreign exchange administration departments will be required to emphasize the fundamental importance of enhancing the level of monitoring and analysis of cross-border capital flows for the transformation of administration. Efforts should be made to sum up the experiences from the monitoring of cross-border fund flows at earlier stages and to establish and perfect the system for the monitoring of cross-border fund flows under the capital account. The foreign exchange administration departments at all levels should enhance their capabilities to identify new circumstances, new trends, and new problems in a timely manner, strengthen their capability to crack down with high precision on abnormal fund flows, thus obtaining an in-depth comprehension of the new circumstances and trends, improving the level of foreign exchange administration, and optimizing services.
